According to Kathimerini’s Paris Demetriades, Limassol has experienced a dramatic surge in property prices, with rents and home values doubling – and in some cases, tripling over the past five years. While this boom has benefited property owners, it has created significant challenges for many residents.
The rapid rise in housing costs has far outpaced wage growth, leaving many locals struggling to keep up. This growing disparity has sparked concerns that Limassol may become a city only accessible to wealthier individuals or those employed in high-paying industries, potentially displacing long-term residents.
This trend has raised questions about the future of the city’s social fabric. Will Limassol evolve into an exclusive haven for the affluent? Could measures such as the development of condominiums, a solution implemented in other urban centres, help alleviate the crisis?
Paris Demetriades reports that the situation is particularly dire for young people, who are among the most financially vulnerable. Many face limited housing options combined with mounting economic pressure. Without meaningful interventions, there is a growing fear of increased homelessness and deepening social inequality.
Limassol’s transformation underscores an urgent need for balanced urban development to ensure the city remains inclusive and affordable for all its residents.
You can find Paris Demetriades, which includes video documentary in Greek on Limassol’s skyrocketing prices at Housing crisis looms as Limassol property prices skyrocket.
